Mobile devices, such as smartphone and tablets, typically include one or more mobile payment applications, such as Samsung Pay and the like, that allow a user to register one or more credit cards or debit cards on his or her mobile device in order to make payments from the credit card account through the mobile device. Payment systems dealing with credit card or debit card information historically have had to deal with fraudulent card use, whether through the malicious theft of information or through the malicious usage of a stolen credit/debit card (fraudulent payment card use).
Detecting fraudulent payment card use typically requires access to a large amount of both personally identifiable information of the cardholder and private information of the cardholder. However, it could potentially be damaging to the user if the private information of the user becomes associated with personally identifiable information of the user. As a result, conventional fraud detection systems seek to balance the accuracy of fraud detection with the need to collect personally identifiable information and/or private information.
Therefore, there is a need in the art for improved apparatuses and methods for preventing fraud in mobile payment systems that use credit and/or debit cards. In particular, there is a need for smartphone payment systems and applications that minimize the exposure to payment systems of personally identifiable information of the cardholder and private information of the cardholder.